A large group of relationships focuses on residential real estate investments. A number of factors come into play when obtaining insurance for a residential portfolio and the amount of premium for that coverage.
The material of the facades, floors and roofs affect the fire safety of the houses. For example, brick and concrete are non-combustible and the fire sensitivity of wooden floor structures is higher.
The owner's personal claims history is factored into the underwriting process. Properties with little to no claims history in the past six years are more favorable to the insurer.
The location and distribution of properties play a role in determining the premium. This is because some areas have lower crime rates than others. A geographically dispersed portfolio is more favorable to the insurer because the likelihood of total loss is lower.
If a home portfolio meets all the above points, several companies will compete for insurance. This results in a better premium. Are some points less favorable? Then insurers may be more cautious or charge a higher premium.
It is important to work with an independent insurance broker who understands how the rating factors work, as well as the weight each insurance company places on them. This way, the best insurance solution can be found for each home portfolio.
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